Author`s name Evgeniya Petrova

Latvian businessmen to construct Alpine skiing resort in Siberia

While the companies from the EU countries continue purchasing businesses in Latvia, Latvian businessmen are eager to invest abroad.
A group of Latvian investors decided to get involved in business located 5,000 kilometers away from Riga – to construct an Alpine skiing resort in Ermakovsky district of Krasnoyarsk region of Western Siberia.

The cost of the project is estimated as $150-200 million. A group of Latvian businessmen is off for Russia to make all necessary calculations and arrangements for the project.

Krasnoyarsk region is famous by its mountains. In the South of the region (where Ermakovsky district is located), there is the Western Sayan mountain chain being 240 kilometers wide and more than 600 kilometers long. The average height of the mountains is 2,000-2,600 meters, and most of the mountains look like the Alps because of the sharp peaks and steep slopes.

The government of Ermakovsky district decided to make money out of the beautiful nature of the area, and started seeking investors to construct a resort. The efforts produced good results, Corex Limited company registered in Gibraltar, became interested in the project. The company is going to take loan in a major Latvian and Russian bank for funding the project, and Scandinavian businessmen can invest in the project as well, said Oleg Belyaev, the specialist of Ermakovsky district government for negotiations with Latvian businessmen.

According to Businees&Baltia, businessman Valts Klutsis represents the interests of Corex Limited in Latvia. Mr. Klutsis is the co-owner of Papirfabrika Ligatne, Tirdzniecibas nams RINAR and Zenga grupa. "The investors’ team is being formed yet, and for this reason it is early to mention the other participants of the project”, said Valts Klutsis in a Business&Baltia interview. “Most of the investors will be from Latvia, but businessmen from other countries can join them as well".